Of course, as long as the government keeps running massive deficits that require conjuring money out of thin air to support, there will be inflation, whether it translates into price inflation in the short-run or not.
I realize most people think of inflation as price inflation, but the underlying dynamics always involve more money chasing the same amount of goods and services and that has been the problem with both the first Trump administration deficit spending to buoy up the economy when we foolishly listened to Fauci, rather than the signatories of the Great Barrington Declaration, and shut down the economy to fight the pandemic (Sweden, along among developed nations followed the GBD advice and had a lower COVID death rate per capita than either the US or the UK), and the Biden administration deficit spending to give sops to "green energy" companies, public-sector unions and other Democrat constituencies.
